Three Pillar Communities Secures $11M Loan for California Mobile Home Park
- Jun 03, 2020
Three Pillar Communities has closed on a $11.1 million refinancing loan for Voyagers Cove, one of the 29 manufactured housing communities the company owns and operates. Managing Director Art Tuverson and Associate Director Aron Procuniar of Berkadia originated the loan with interest rates at historic lows, according to Daniel Weisfield, Three Pillar’s co-founder. The Fannie Mae loan features a 15-year fixed rate with the first seven years being interest-only.
Voyagers Cove is located at 2845 E. Hatch Road in Modesto, Calif., and encompasses 149 units, all of which were completed in the 1970s. Three Pillar acquired the property in 2014 and is midway through upgrading it with new, energy-efficient units. The operator plans to add a playground for children and a picnic area, update the pool and re-pave the roads and driveways.
“Voyagers Cove fills a really interesting niche in the California housing market,” said Weisfield. “Many of our residents are people who work in Silicon Valley but can’t afford a million-dollar starter home so they live in Modesto and commute to work. These are people with steady jobs and very solid incomes.”
Voyagers Cove provides homeownership opportunities to 600 residents. The property is within walking distance from Ceres River Bluff Regional Park as well as a number of grocery stores, including a Walmart, on Hatch Road. Modesto City-County Airport is approximately 2 miles away, while downtown Modesto is 5 miles from the property.